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Real Estate Prices & Overview

E 57th St / Madison Ave median real estate price is $5,729,816, which is more expensive than 99.8% of the neighborhoods in New York and 100.0% of the neighborhoods in the U.S.

The average rental price in E 57th St / Madison Ave is currently $6,547, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.0% of the neighborhoods in New York.

E 57th St / Madison Ave is a densely urban neighborhood (based on population density) located in New York, New York.

E 57th St / Madison Ave real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the E 57th St / Madison Ave neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1970 and 1999.

Vacant apartments or homes are a major fact of life in E 57th St / Madison Ave. The current real estate vacancy rate here is 53.6%. This is higher than the rate of vacancies in 98.9% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (44.7%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

If you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the E 57th St / Madison Ave neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 100.0% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the E 57th St / Madison Ave neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.

In addition, the rate of college educated adults in the E 57th St / Madison Ave neighborhood is a unique characteristic of the neighborhood. 90.7% of adults here have received at least a 4-year bachelor's degree, compared to the average neighborhood in America, which has 34.3% of the adults with a bachelor's degree. The rate here is higher than NeighborhoodScout found in 99.8% of all U.S. neighborhoods.

Also, wealth makes most things in life easier, and a few things harder. If you are wealthy and enjoy keeping up with the Jones', this neighborhood will interest you. In fact, according to NeighborhoodScout's research, the E 57th St / Madison Ave neighborhood is wealthier than 98.3% of the neighborhoods in the United States. Residents here are truly in a unique situation even when compared to other Americans, based on the sheer amount of wealth concentrated here. Even in times of economic downturn, residents of this neighborhood, as a group, suffered less and recovered more quickly. This is indeed a stand-out characteristic of this neighborhood.

Real Estate

The real estate in the E 57th St / Madison Ave neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 98.3% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.7% of American neighborhoods.

In addition, despite all of the residential real estate here in the E 57th St / Madison Ave neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 53.6%, which is higher than 98.9% of all U.S. neighborhoods.

Furthermore, being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the E 57th St / Madison Ave neighborhood is one of the most walkable neighborhoods in America.

Modes of Transportation

In the E 57th St / Madison Ave neighborhood, walking to work is a real option for many. In fact, NeighborhoodScout's exclusive research reveals walking to and from work is the chosen way to commute for 41.1% of residents here. This is a higher proportion of walking commuters than we found in 99.6% of American neighborhoods. Get ready to put on your walking shoes if you move here!

Also, if you like to ride the train to work, this neighborhood may be for you. NeighborhoodScout's research revealed that 11.9% of the E 57th St / Madison Ave neighborhood's commuters ride the train to and from work each day, which is more than we found in 95.7% of America's neighborhoods.

Car Ownership

American households most often have a car, and regularly they have two or three. But households in the E 57th St / Madison Ave neighborhood buck this trend. 69.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 99.6% of U.S. neighborhoods.

Occupations

Executives, managers and professionals make up 74.7% of the workforce in the E 57th St / Madison Ave neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 97.7% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Diversity

Did you know that the E 57th St / Madison Ave neighborhood has more Russian and Romanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 15.8% of this neighborhood's residents have Russian ancestry and 3.7% have Romanian ancestry.

E 57th St / Madison Ave is also pretty special linguistically. Significantly, 5.9% of its residents five years old and above primarily speak Japanese at home. While this may seem like a small percentage, it is higher than 99.8% of the neighborhoods in America.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the E 57th St / Madison Ave neighborhood in New York are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 98.3% of the neighborhoods in America. With 17.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 65.0% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the E 57th St / Madison Ave neighborhood, 74.7% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 13.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (11.9%), and 4.6% in government jobs, whether they are in local, state, or federal positions.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the E 57th St / Madison Ave neighborhood is English, spoken by 85.2% of households. Other important languages spoken here include Polish, Japanese, Langs. of India and French.

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the E 57th St / Madison Ave neighborhood in New York, NY, residents most commonly identify their ethnicity or ancestry as Russian (15.8%). There are also a number of people of Italian ancestry (13.9%), and residents who report English roots (8.0%), and some of the residents are also of German ancestry (6.1%), along with some Polish ancestry residents (5.5%), among others. In addition, 19.9% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in E 57th St / Madison Ave neighborhood spend under 15 minutes commuting one-way to work (56.3% of working residents), one of the shortest commutes across America.

Here most residents (41.1%) hop out the door and walk to work to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (16.8%) and 11.9% of residents also take the train for their daily commute. This is a special neighborhood for the number of people who walk to work. Combining exercise, low cost, and reduced pollution, plus the chance to see your neighbors, walking to work is fairly uncommon in America but likely to increase as people try to reduce their dependence on automobiles, and this neighborhood offers that opportunity today.


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